Crude prices witnessed a volatile session, amid a lack of supply and hopes for a further recovery in demand during 2022, and with the pressures imposed by the Omicron mutator.
Oil prices had ended Friday trading – the last days of 2021 – on the decline, but the benchmark crude (Brent) recorded a noticeable increase in the week and last month, amounting to 2.6% and 10.2%, respectively, while its gains reached nearly 50% in 2021. However, it witnessed a decline in crude by 0.9% in the fourth quarter of the year.
Oil prices today
At the end of trading, futures prices rose toWest Texas Intermediate Crude February delivery- by 1.2%, recording $76.08 a barrel, after falling less than $75 during the session.
Futures prices also rose forRaw brent March 2022 delivery by about 1.5%, recording $78.98 a barrel, after falling to $77.04 during trading.
This comes in conjunction with the announcement by the Libyan Oil Corporation that the country’s oil production will decrease by 200,000 barrels per day for a week due to the maintenance of a major pipeline between the Al-Sammah and Al-Dhahra fields.
OPEC+
Meanwhile, 4 sources said that OPEC+ will likely stick to its plan to add 400,000 barrels per day of supply in February, they said. Reuters.
In the past year, oil prices have risen by about 50%, spurred by the global economic recovery from the Corona pandemic and producer controls, even as infections are reaching record levels around the world.
US health experts have warned citizens to be prepared for severe disruptions in the coming weeks, with infection rates likely to worsen amid increased holiday travel and New Year’s celebrations and the reopening of schools after the winter holidays.
Oil prices in 2022
A Reuters poll conducted last Friday showed that oil analysts lowered their price forecasts for 2022; The omicron mutator forces headwinds to restore fuel demand and threatens to create a supply glut as producers pump more oil.
A survey of 35 economists and analysts expected that the average price of Brent crude will average $73.57 a barrel in 2022; About 2% below the expected level of $75.33 in November, this is the first cut in the price forecast for 2022 since the August poll.
The average price of US crude is expected to reach $71.38 per barrel in 2022, compared to $73.31 in the previous month.
For their part, US energy companies sought to add more drilling rigs for oil and natural gas; Higher prices have drawn some drillers back into drilling again, after demand slashed due to the coronavirus in 2020.
US crude oil production rose to 11.47 million barrels per day in October, up 6% from the previous month; Production in the Gulf of Mexico rose as the region recovered from hurricanes, according to a monthly report from the Energy Information Administration last Thursday.
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